ADCB files criminal complaint against individuals linked to NMC Health

DUBAI (Reuters) – Abu Dhabi Commercial Bank , a key lender to NMC Health , said on Wednesday it had filed a criminal complaint against a number individuals linked to the hospital operator with the Attorney General in Abu Dhabi.

The bank did not name the individuals, but said in a statement that the action was consistent with the objective of protecting its interests.

“ADCB confirms that it has initiated criminal legal proceedings with the Attorney General in Abu Dhabi against a number of individuals in relation to NMC Health Group.” it said in a statement.

NMC — which recently revised its debt position to $6.6 billion, well above earlier estimates — has seen its stock more than halve in value since December after short-seller Muddy Waters questioned its financial statements.

ADCB, which has a $981 million exposure to NMC Health, is among the major UAE lenders who have lent to the hospital operator.

(Reporting by Saeed Azhar; Editing by Kirsten Donovan)